Home Buying in Miami>Question Details

Marcelo E. N…,  in Miami, FL

How soon after a Foreclosure can I buy a home?

Asked by Marcelo E. Nader, Miami, FL Sat Dec 29, 2012

Help the community by answering this question:


If you are looking to finance your purchase, FHA will be your best option. You can qualify for a mortgage after 3 years have elapsed since your foreclosure. However, if the foreclosure was your main residence and was the result of extenuating circumstances, an exception could possibly be granted if you have established good credit. Most lenders will be looking for on time payments and a credit score of atleast 640 for FHA. Hope this helps. Good luck.

Jasmin Thelemaque
(786) 356-2500
0 votes Thank Flag Link Tue Jan 1, 2013
Hello Marcelo,

Feel free to contact me with any questions regarding purchasing a property.

Kind regards,

Miami, FL 33131, USA
Cell: +1-305-206-8867
Fax: +1-305-443-2226
0 votes Thank Flag Link Tue Jan 1, 2013
If you are planning to get an FHA loan; it will be 3 years. You need to work on your credit score by mantaining other loans and credit cards on good standing, etc. If you need a lender; I will be happy to recomend you a few so you can select the one you feel more comfortable.
You can contact me for any questions:
Marco Torres
Miami Premier Realty
0 votes Thank Flag Link Sun Dec 30, 2012
GTE FInancial (credit union) gave my tenant a mortgage only 2 months after closing on a Short Sale!
0 votes Thank Flag Link Sun Dec 30, 2012
It used to be 10 years, but it seems to have been shortened to seven. However, depending upon your credit rating and assets, it may be even sooner. You may want to speak to a reliable mortgage banker, who will be able to review your finances and credit and give you a better idea of what you may or may not qualify to do. If you call Preston Ware, at 561-329-0075, he may be able to give you more definitive answers to your questions.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
Web Reference: http://BocaRealtyGuide.com
0 votes Thank Flag Link Sat Dec 29, 2012
The lender I do the most business with says 3-4 years for a short sale and 7 for a foreclosure. But during that time it is imperative that you work diligently to re-establish a good credit record. Talk to a lender for advice on how to do that.
0 votes Thank Flag Link Sat Dec 29, 2012
Contact a credit union, they often have less strict requirements.

All the best,
0 votes Thank Flag Link Sat Dec 29, 2012
As a real estate agent, you should know that the smartest move is to avoid the foreclosure in the first place. Pull out all the stops, try a short sale or opt for bankruptcy. If there is no alternative, try to find a rental before the foreclosure goes final.
0 votes Thank Flag Link Sat Dec 29, 2012
Usually 4 years or more, you need to re-establish your credit, the FCL will remain on your credit records for at least 7 yrs. Discuss this with a reputable lender and there are always private lenders that may take a higher risk on you for a higher rate & large downpayment. Of course you can always buy a home cash at anytime you can. This question is, with all the other options available to distressed sellers why would you leave it go to foreclosure?
0 votes Thank Flag Link Sat Dec 29, 2012
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